Economists focus on "unlimited human wants," rather than ________, to describe our pursuit of goods and services.
A. needs
B. output
C. physical requirements
D. prices
Answer: A
You might also like to view...
If full employment GDP is $500 billion greater than equilibrium GDP and there is a deflationary gap of $100 billion, how much is the multiplier?
What will be an ideal response?
Price elasticity of demand is the responsiveness of
A) the quantity demanded to a change in price. B) demand to a change in supply. C) demand to a change in income. D) demand for a good to a change in the demand for another good.
Apple just announced it will be coming out with the newest model iPhone in the next six months. One could reasonably expect demand for the current model of iPhone to:
A. decrease due to a change in expectations of future prices. B. increase due to a change in expectations of future prices. C. increase due to limited supply of the current model. D. decrease due to the change in price of a substitute good.
The MFC curve increases for a monopsonist because:
a. hiring more workers raises total labor costs. b. output price rises as a firm's market power increases. c. hiring more workers does not affect wages. d. the later workers hired are less productive. e. as more workers are hired, all workers receive higher wages.